Tariffs Catch-All
- Thread starter BubbaOtis
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But NOT Russia. Cool.
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Global economy will ‘massively suffer’ from Donald Trump tariffs, Ursula von der Leyen warns – Europe live
European Commission president hopes to move from confrontation to negotiation after Trump attack on ‘pathetic’ EU
She said there was “no clear path through the complexity and chaos that is being created as all US trading partners are hit,” but she insisted the EU’s unity “is our strength” and the bloc would be prepared to respond with calibrated countermeasures.
Outgoing German economy minister Robert Habeck stressed the need for a united EU response, saying the bloc should leverage the fact it has the largest single market in the world.
“Europe’s strength is our strength,” he said, adding he hoped for “a negotiated solution.”
Italian prime minister Giorgia Meloni called the introduction of US tariffs “wrong” as she vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players.”
“In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners,” she added.
Swedish prime minister Ulf Kristersson said he “deeply regreted” the US decision, saying “we don’t want growing trade barriers” as he lauded the benefits of free trade.
But he said the government was ready to respond and work with the EU to “take every opportunity to reverse these developments.”
“We want to find our way back to the path of trade and cooperation together with the US,” he stressed.
Irish prime minister Micheál Martin said that tariffs “benefit no one,” as he warned they are “bad for the world economy, they hurt people [and] businesses.”
“My priority, and that of the government, is to protect Irish jobs and the Irish economy, and we will work with our companies … to navigate the period ahead,” he said.
He said he would work with EU partners to “get on a negotiation with the US to limit the damage.”
Martin also highlighted “the added value and the strength that Ireland has given to so many US companies” based there.
Polish prime minister Donald Tusk posted a brief update on social media, saying: “Friendship means partnership. Partnership means really and truly reciprocal tariffs. Adequate decisions are needed.”
Finnish prime minister Petteri Orpo said the tariff decisions were “concerning,” as he warned “there are no winners in a trade war.”
“Businesses, consumers, and economic growth suffer. The EU is ready to respond and negotiate. We support this effort. Finland is prepared as part of the Union,” he said.
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European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
www.theguardian.com
Pound hits $1.31 as dollar weakens
With the dollar sliding on the international markets, the British pound has hit its highest since last October.
European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
Sterling has gained almost one cent so far today, touching $1.31 for the first time since last October.
The euro is up almost a cent too, at $1.095, as the dollar suffers a post-Liberation Day hangover.
...
Stocks dived after the announcement, with technology shares particularly hard hit, while the price of gold hit a record high as investors scrambled for safety. Japan’s Nikkei was down 2.8% on opening, Hong Kong’s Hang Seng Index slid 1.6%, South Korea’s Kospi fell 2% and Australian shares fell 2%.
Silence Dogood
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“… Trump announced the countries now subject to tariffs in a Wednesday press conference, using a poster as a prop. Additional countries—including the Heard and McDonald Islands, which are, incidentally, not countries—were listed on sheets of paper distributed to reporters.
One of the sheets claims that the Heard and McDonald Islands currently charge a “Tariff to the U.S.A.” of 10 percent, clarifying in tiny letters that this includes "currency manipulation and trade barriers." In return, the sheet says that the US will charge "discounted reciprocal tariffs" on the islands at a rate of 10 percent.
… The Australian Antarctic Division claims that the area occasionally receives ships involved in scientific research, commercial fishing, and tourism.“
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“Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning, as international leaders reacted to and markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next week.
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
abcnews.go.com
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
US tariffs on imported autos go into effect as markets reel from Trump's trade escalation
International markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next.
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Auto Tariffs Take Effect, Putting Pressure on New Car Prices
President Trump says the tariffs will encourage investment in U.S. factories, but analysts say car buyers will have to pay thousands more.
Auto Tariffs Take Effect, Putting Pressure on New Car Prices
President Trump says the tariffs will encourage investment in U.S. factories, but analysts say car buyers will have to pay thousands more.
“…The 25 percent duty applies to all cars assembled outside the United States. Starting May 3, the tariff will also apply to imported auto parts, which will add to the cost of cars assembled domestically as well as auto repairs.
… Even people who don’t buy new cars will be hit by the tariffs because they will pay more for parts like tires, brake pads and oil filters.
… The auto tariffs could also push up prices for used cars over time, analysts said, by increasing demand for those vehicles as new ones become unaffordable for many buyers.
Insurance premiums may also rise because repairs will cost more.“
Silence Dogood
Distinguished Member
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We don't need coffee from Indonesia. Indonesia needs US products.
Silence Dogood
Distinguished Member
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Don't buy foreign cars or let foreign countries eat the cost.“Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning, as international leaders reacted to and markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next week.
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
US tariffs on imported autos go into effect as markets reel from Trump's trade escalation
International markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next.
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I do find it funny that the administration and its supporters who say raising the prices of foreign products like cars will create jobs in the US because people will buy domestic ones and will open up factories suddenly to make them are the same ones that arguing that carbon taxes and buying incentives will never work to drive people to mass transit or encourage people to buy electric cars etc.
Total pretzel logic.
Total pretzel logic.
ChileG
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Yeah, maybe you are right about tariffs and every single economist and financial expert in the world is wrong.
Are you by chance an expert on vaccines as well?
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European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
- Messages
- 2,014
European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
US tariff burden could be higher than under Smoot-Hawley
Economists have calculated that the US tariffs would hit their highest level in over a century if the measures announced by Donald Trump last night are implemented in full.Capital Economics have calcualted that the effective tariff rate on all imports will rise from 2.3% last year to around 26%, leaving it at a 131-year high, once you add the new reciprocal tariffs to the earlier hikes on goods from China, and the product-specific tariffs on steel, aluminum and autos.
They told clients:
That, according to this chart from Capital Economics, would take the effective tariff rate higher than under the infamous Smoot-Hawley Tariff Act of 1930.
p5mmr9
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Indonesia Products Imports by country & region 2022 | WITS Data
Merchandise trade and tariff data for Indonesia (IDN) All Products import from all countries (trading partner) including Trade Value, Product Share, MFN and Effectively applied tariffs, count of duty free and dutiable products for 2022
wits.worldbank.org
Indonesia's single largest import trading partner is China. What product from the USA do you think Indonesia "needs?" Further - do you think these tariffs will encourage a stronger trading bond between the USA and Indonesia or do you think the tariffs will encourage a stronger trading bond with China?
And just for fairness - this is Indonesia's export by country. China again is at the top of the list:
Indonesia Products Exports by country & region 2022 | WITS Data
Merchandise trade data for Indonesia (IDN) All Products export to all countries (trading partner) including Trade Value, Product Share, Country Growth, World Growth, Revealed Comparative Advantage (RCA) for 2022
wits.worldbank.org